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Deed Of Sale Of House And Lot

Deed Of Sale Of House And Lot Template for India

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Deed Of Sale Of House And Lot

"I need a Deed of Sale of House and Lot for a residential property in Mumbai with an attached garden, where the sale includes all fixtures and furniture, and the possession needs to be transferred by March 2025."

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Document background
The Deed of Sale of House and Lot is a crucial legal instrument in Indian property transactions, essential for documenting and effectuating the transfer of immovable property. This document is mandated by the Transfer of Property Act, 1882, and must be registered under the Registration Act, 1908. It's used when there is a complete transfer of property ownership from one party to another, involving both the structure (house) and the land it stands on. The deed includes comprehensive details about the property, parties involved, consideration amount, and various legal declarations and warranties. Each state in India may have specific requirements regarding stamp duty and registration procedures that must be followed for the deed to be legally valid. The document serves as permanent evidence of the transfer and is crucial for establishing a clear chain of title.
Suggested Sections

1. Parties: Details of the seller(s) and purchaser(s) including names, ages, addresses, and legal capacity

2. Background: Brief history of property ownership and context of the current sale

3. Definitions: Definitions of key terms used throughout the deed

4. Property Details: Comprehensive description of the property being sold, including exact measurements and boundaries

5. Title and Ownership Declaration: Seller's declaration of clear title and right to sell the property

6. Consideration: Sale price, payment terms, and acknowledgment of receipt

7. Possession: Terms and timing of property possession handover

8. Seller's Covenants: Warranties and representations by the seller regarding the property

9. Rights and Easements: Details of any rights, easements, or encumbrances affecting the property

10. Tax Obligations: Responsibility for various taxes and duties related to the sale

11. Registration and Expenses: Details about registration requirements and allocation of associated expenses

12. Governing Law: Applicable laws governing the deed and jurisdiction

13. Execution: Formal execution clause and witness requirements

Optional Sections

1. Mortgage Details: Used when the property has an existing mortgage that needs to be discharged

2. Pending Litigation: Required if there are any ongoing legal proceedings affecting the property

3. Special Conditions: Any unique terms or conditions specific to this sale

4. Society NOC: Required for apartments/properties in housing societies

5. Development Rights: When there are transferable development rights or future development potential

6. Utilities Transfer: Specific arrangements for transfer of utility connections

7. Occupancy Status: Required when property is tenanted or has occupants other than the seller

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property including measurements, boundaries, and construction details

2. Schedule B - Title Documents: List of all title documents and their chain of custody

3. Schedule C - Property Tax Receipts: Copies of recent property tax payments and clearance certificates

4. Schedule D - Encumbrance Certificate: Recent encumbrance certificate showing clear title

5. Schedule E - Building Approvals: Copies of building permits, completion certificates, and other approvals

6. Schedule F - Payment Details: Detailed breakdown of payment schedule and amounts

7. Schedule G - Inventory: List of fixtures and fittings included in the sale

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Property
Seller
Purchaser
Completion Date
Consideration
Deed
Encumbrances
Title Deeds
Permitted Use
Completion
Building
Land
Fixtures and Fittings
Property Documents
Effective Date
Possession Date
Registration
Stamp Duty
Municipal Authority
Encumbrance Certificate
Schedule
Property Tax
Transfer
Applicable Laws
Business Day
Force Majeure
Liabilities
Material Adverse Effect
Outstanding Dues
Representations and Warranties
Title Certificate
Utilities
Khata Certificate
Development Rights
Common Areas
Society
Relevant Industries

Real Estate

Banking

Legal Services

Construction

Property Development

Financial Services

Housing Finance

Property Management

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Documentation

Finance

Risk Management

Operations

Customer Service

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Conveyancing Officer

Property Valuer

Mortgage Officer

Real Estate Developer

Title Officer

Compliance Manager

Real Estate Transaction Manager

Property Documentation Specialist

Industries
Transfer of Property Act, 1882: Fundamental law governing the transfer of property in India, defining requirements for a valid transfer, rights and obligations of parties, and essential elements of a sale deed
Registration Act, 1908: Mandates compulsory registration of sale deeds for immovable property and prescribes the procedure for registration
Indian Stamp Act, 1899: Determines the stamp duty payable on property transfer documents at the federal level
State-specific Stamp Duty Laws: Local state laws that determine the actual stamp duty rates and additional requirements for property registration in the specific state
Indian Contract Act, 1872: Governs the basic principles of contract formation, including offer, acceptance, consideration, and capacity of parties
Real Estate (Regulation and Development) Act, 2016: Modern legislation governing real estate transactions, ensuring transparency and protecting buyers' interests
Income Tax Act, 1961: Relevant sections dealing with tax implications of property transactions, including capital gains and TDS requirements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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